The tail end of 2025 saw continued growth in most utilities’ spending and load projections, with Duke Energy claiming the distinction of having the largest capital spending plan of any regulated electric utility in the U.S. 

Companies used their fourth-quarter earnings presentations to highlight their efforts to address affordability concerns through large load tariffs and other means as they come under pressure from ratepayers, regulators and elected representatives over rising costs.

Transmission, grid hardening and wildfire mitigation also figured prominently in several spending plans, as did gas-fired generation, which has seen a resurgence in interest from load-serving entities and hyperscalers, even as turbine manufacturers face backlogs.

While renewables have taken a hit from federal policy changes, they have become a standard part of utility resource planning, as evidenced by many companies’ five-year plans. Those plans also suggest storage is poised to play a larger role as a means of renewable energy deployment storage, price arbitrage and flexibility.

Here’s a look at Utility Dive’s coverage of the fourth-quarter reports by major investor-owned utilities, power providers and related companies.